Using a personal loan for business expenses: What to consider

Before you get a personal loan to help grow your business, consider the associated benefits and risks. (iStock)

You can use personal loans to finance virtually anything, such as a vacation, a new car or a home improvement project. You can even use personal loans to start a new business or pay for business expenses. In fact, online personal loans may be a faster and more convenient option than applying for a business loan through a traditional bank or credit union. 

While an unsecured personal loan can provide fast access to cash for your business at a good interest rate, you should always review the associated benefits and risks of any loan option, including using a personal loan for business purposes. 

If you’re considering getting a personal loan to help fund your business venture, visit an online marketplace like Credible to compare the best rates and lenders available to you.

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